Crypto market in phase C of accumulation? Bulls getting tested!
Updated
The above chart is the Bloomberg Galaxy Crypto Index
Increase of supply that lead to the most recent decline leads me to think that were are currently testing what may possibly be our last point of supply. Bulls need to hold this range as a break here will result a panic sell off in the market.
Someone is also doing their best to "paint the tape" with a lot of sell pressure coming in the last hour of trading, painting a bear reversal candle yesterday. This suggests to me the CO is in the process of testing this region and there will further tests to come over the next couple of days.
My bias is neutral for now.
Increase of supply that lead to the most recent decline leads me to think that were are currently testing what may possibly be our last point of supply. Bulls need to hold this range as a break here will result a panic sell off in the market.
Someone is also doing their best to "paint the tape" with a lot of sell pressure coming in the last hour of trading, painting a bear reversal candle yesterday. This suggests to me the CO is in the process of testing this region and there will further tests to come over the next couple of days.
My bias is neutral for now.
Note
Still holding its ground - I expect a test of recent lows in the coming days!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.